A naive equation works well when estimating the value of small quantities of popular crypto tokens, but it's also being used to estimate values of illiquid tokens and the market capitalization of all of crypto. Journalists are publishing misinformation and uncritically repeating these figures, helping to prop up the belief that crypto is a far larger industry than in reality.
The Value of Nothing: Capital versus Growth - American Affairs Journal
Throughout 2021, U.S. stock market valuations have hovered near all‑time highs. In June, the unadjusted price-to-earnings (P/E) ratio of the S&P 500 index eclipsed the tech boom record of 2000. Many other asset classes have attained, or nearly attained, record valuations as well. Stratospheric valuations may be partially attributable to the unique circumstances surrounding Covid-19...
Ways to think about token pricing — Benedict Evans
AI is in a supply crunch today, but what happens when we come out of it? How and where will supply, demand, price, capacity and capex get back into equilibrium? Today, model labs can name their price, but why won’t they end up as low-margin commodity infrastructure?
Pluralistic: Capital formation (14 Aug 2026) – Pluralistic: Daily links from Cory Doctorow
Funny thing about competition: there's both a pro-market and an anti-market case for a competitive system. https://pluralistic.net/2026/08/13/one-chokable-throat/#too-clever-by-half
The (Edited) Latecomer's Guide to Crypto
A group of cryptocurrency researchers and critics annotate the irresponsible cryptocurrency puff piece that was originally published in the New York Times.
Private Markets Charge More
Also dual-class SpaceX stock, fake Iranian crypto fees and Global Tetrahedron M&A.
Pluralistic: Google’s AI pricing plan (21 Jan 2026) – Pluralistic: Daily links from Cory Doctorow
Google is spending a lot on AI, but what's not clear is how Google will make a lot from AI. Or, you know, even break even. Given, you know, that businesses are seeing zero return from AI:
Stablecoins, Tokens, and Global Dominance
Technology is reshaping capital flows and currency dominance; data integrity is essential for financial stability
The Machines of Capital
The Machines of Capital As Benjamin Graham famously articulated, in the short run the markets are a voting machine; in the long run the markets are a weighing machine. Price exists in both machines, but the deterministic mechanisms are different. During the voting machine phase, price is a funct...
Every trader must have experienced this 😂🤣
My first impressions of web3
Despite considering myself a cryptographer, I have not found myself particularly drawn to “crypto.” I don’t think I’ve ever actually said the words “get off my lawn,” but I’m much more likely to click on Pepperidge Farm Remembers flavored memes about how “crypto” used to mean “cryptography” than ...
“Objective Economics” Isn’t.
Some time ago, in a Facebook argument, I encountered someone who repeated the old “exchange of unequals” argument (i.e., that people never exchange equivalents because each party values what they got more than what they traded for it). I responded that this argument confuses exchange value with use value and that, regardless of subjective valuation,...
Don't Just Fact-Check Misinformation. First, Understand The Value It Holds. A Conversation w Researchers Michael Simeone & Kristy Roschke
Podcast Episode · Why Should I Trust You? · June 25 · 1h 7m
AI is probably not a bubble
AI companies have revenue, demand, and paths to immense value
AI is probably not a bubble
AI companies have revenue, demand, and paths to immense value
